Quinbrook Infrastructure Partners and Primergy Solar have secured almost $2 billion in debt and tax equity financing for the Gemini solar plus 380 MW storage project in Nevada, US. Gemini was developed by Primergy, a wholly owned portfolio company of Quinbrook. The debt funding includes a construction/term loan, a tax equity bridge loan, and a letter of credit facility totaling $1.3 billion. Truist Bank and Bank of America have contributed an additional $532 million in tax equity commitments.

KeyBanc Capital Markets, MUFG Bank, Bank of America, and Norddeutsche Landesbank Girozentrale, New York Branch were the four coordinating lead arrangers for the construction facilities. Quinbrook and Primergy arranged the $95 million mezzanine financing facility from Voya Investment Management, and the coordinating lead arrangers successfully syndicated the credit facilities to 19 lenders. Once complete and operational in late 2023, it will deliver renewable energy under a 25-year purchase agreement with NV Energy.

Earlier this month, Pivot Energy, based in the US, received a $190 million financing arrangement to help develop its multi-state portfolio of distributed generation solar projects. Silicon Valley Bank (SVB), a part of SVB Financial Group, will lead the debt facilities, with Foss & Company (Foss) agreeing to make the tax equity investment.